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Sep 30, 2025
Marcus & Millichap Q3 2025 Earnings Report
Marcus & Millichap reported its third quarter 2025 financial results, showing revenue growth and a return to net income.
Key Takeaways
Marcus & Millichap delivered solid third quarter results with total revenue increasing by 15.1% year-over-year to $193.9 million. The company reported a net income of $0.2 million, or $0.01 diluted EPS, a significant improvement from a net loss in the prior year, despite a $0.08 per share litigation accrual. Growth was primarily driven by expanded client outreach and improved bid/ask spreads, particularly in the Private Client Market.
Total revenue increased by 15.1% to $193.9 million in Q3 2025 compared to Q3 2024.
The company achieved a net income of $0.2 million, or $0.01 diluted EPS, a turnaround from a net loss of $5.4 million in the prior year.
Private Client Market brokerage revenue showed particular strength, increasing by 16.9% to $102.3 million.
Adjusted EBITDA significantly improved to $6.9 million from approximately breakeven in the prior year.
Revenue by Segment
Forward Guidance
Marcus & Millichap believes the commercial real estate transaction market is poised to overcome near-term challenges expected to extend through 2025 and return to long-term growth, leveraging its experienced management, infrastructure investments, research, and technology.
Positive Outlook
- Strong pipeline and improved hiring indicate future growth potential.
- Near record exclusive inventory levels suggest robust future transaction activity.
- More accommodative stance from the Fed, despite 10-year Treasury yield not being as responsive, supports improved trading volumes.
- Focus on productivity growth through technology and AI investments is expected to drive long-term value.
- Strategic acquisitions and growing the MMI brand are key initiatives for future expansion.
Challenges Ahead
- Ongoing price discovery and wider than normal bid/ask spreads are expected to continue through 2025.
- Volatility in transactional activity and investor sentiment due to potentially volatile cost of debt capital.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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